Miramont Resources Acquires New Cerro Hermoso Concessions
Vancouver, July 12, 2018 - Miramont Resources Corp. (CSE: MONT) (OTCQB: MRRMF) (FSE: 6MR) ("Miramont" or the "Company") is pleased to announce that it has entered into an option agreement to acquire the rights to the Milenos 32 concession adjacent to its Cerro Hermoso project in Peru. This concession gives Miramont full control of the Pocomoro zone where highly anomalous copper and silver has been identified in surface rock samples. The combined area of the project is now 1318 hectares and includes the entire diatreme system that controls mineralization in the district. The Pocomoro area encompasses the southwestern limit of the diatreme. It is along the same ring-fracture system as the Santa Barbara vein and is considered its southern extension. Over 750,000 tons at an average grade of 15 oz/t, Ag, 1% Cu, 2% Zn, 2% Pb and 1.0 g/t Au were historically mined from complex veins and breccia bodies in the combined Santa Barbara and Pocomoro mines1.
Selective geochemical sampling of small veins and veinlets in the Pocomoro area has yielded values as high as 7.8%, 3.3% and 3.2% Cu as well as 1294 ppm (37.7 oz/st), 1022 ppm (29.8 oz/st) and 767 ppm (22.4 oz/st) Ag. Twenty two of the 57 samples collected in this area yielded results greater than 1% Cu. The Pocomoro zone is also underlain by an emerging ground magnetic anomaly that may indicate the presence of a buried intrusion. Additional work to prepare drill targets may consist of follow up geophysics. The accompanying map shows the location of copper samples while the chart provides the assay data.
Bill Pincus, Miramont's President and CEO said, "The acquisition of Milenios 32 is significant as it gives us full control of the diatreme system as we now know it. The presence of copper and silver in the area is very encouraging and we look forward to detailed exploration in this area. Surface copper, gold and silver mineralization is now found in an area covering almost five square kilometers at Cerro Hermoso and it continues to shine as an exceptional prospect."
Under the terms of the agreement, Miramont has been granted a four-year option to acquire the concession from its private owner. Miramont must make payments as follows to maintain the option: US$20K on signing (paid), US$25K on the first anniversary, US$30K on the second anniversary and US$35K on the third anniversary. Miramont may exercise its option on the fourth anniversary by paying the greater of US$1 for each ounce of gold contained in a NI 43-10 compliant resource (on the concession) or $200K. There are no work commitments or royalties on the property.
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1 The estimate of mined material is from historical reports and has not been independently verified.
Other News
As previously advised (NR June 12, 2018), Miramont submitted a request to the Peruvian Ministry of Energy and Mines to reassess its earlier decision delaying final drill authorization at Cerro Hermoso. The Company's request is supported by additional documentation that shows the land underlying the project's area of influence is privately held negating the need for further consultation. Miramont has agreements with all private owners. The request was submitted on June 21, 2018 and the Company expects a decision shortly. Miramont will continue to supply information on a timely basis.
National Instrument 43-101 Disclosure
The technical content of this news release has been reviewed and approved by Mr. William Pincus, CPG, President and CEO of Miramont and a Qualified Person as defined by National Instrument 43-101.
About Miramont Resources Corp.
Miramont is a Canadian based exploration company with a focus on acquiring and developing mineral prospects within world-class belts of South America. Miramont's two key projects are Cerro Hermoso and Lukkacha, both located in southern Peru. Cerro Hermoso is a diatreme-hosted copper dominant polymetallic prospect. Lukkacha is a classic copper-porphyry prospect.
On behalf of the Board of Directors,
MIRAMONT RESOURCES CORP.
"William Pincus"
William Pincus, President and CEO
For more information, please contact the Company at:
Telephone: (604) 398-4493
info@miramontrresources.com
www.miramontresources.com
Reader Advisory
This release includes certain statements and information that may constitute forward-looking information and forward-looking statements within the meaning of applicable securities laws. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, assumptions or expectations of future performance, are forward-looking statements and contain forward-looking information. Generally, forward- looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this news release. These forward- looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward- looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
CERRO HERMOSO PROJECT
Geochemistry map - Cu_ppm
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/5945/35919_a1531354690568_83.jpg
| Pocomoro Sector Rock Geochemistry | |||||
| ID | Type sample | Width (m) | Cu_ppm | Ag_ppm | Au_ppm |
| 262 | Channel | 1.30 | 737 | 7.8 | 0.00 |
| 263 | Channel | 1.10 | 6,253 | 86.3 | 0.02 |
| 265 | Channel | 1.20 | 470 | 10.4 | 0.01 |
| 266 | Channel | 1.20 | 25 | 0.4 | 0.00 |
| 342 | Channel - Select | 0.5 | 12,300 | 23.9 | 0.01 |
| 343 | Channel - Select | 0.6 | 7,218 | 11.3 | 0.01 |
| 344 | Channel - Select | 2 | 1,110 | 4.6 | 0.00 |
| 345 | Channel - Select | 2 | 1,834 | 8.4 | 0.00 |
| 346 | Channel - Select | 0.3 | 62 | 0.1 | 0.00 |
| 347 | Select | 22 | 0.1 | 0.00 | |
| 348 | Select | 756 | 87.7 | 0.00 | |
| 349 | Channel - Select | 15,960 | 1294 | 0.20 | |
| 350 | Channel - Select | 0.1 | 787 | 94.2 | 0.01 |
| 351 | Select | 89 | 8.5 | 0.00 | |
| 352 | Channel - Select | 11,820 | 767 | 0.05 | |
| 353 | Select | 32,870 | 216 | 12.19 | |
| 354 | Channel - Select | 1 | 2,978 | 360 | 0.95 |
| 355 | Select | 8,722 | 376 | 0.01 | |
| 356 | Select | 69 | 2.3 | 0.01 | |
| 497 | Channel | 1.5 | 78,480 | 122 | 0.02 |
| 498 | Chip - Select | 2x2 | 16,530 | 9.9 | 0.04 |
| 499 | Chip - Select | 2x2 | 18,210 | 15.8 | 0.03 |
| 500 | Channel - Select | 9,054 | 9.1 | 0.03 | |
| 501 | Select | 3,192 | 1.9 | 0.01 | |
| 503 | Chip - Select | 2x2 | 16,870 | 11.6 | 0.01 |
| 504 | Select | 3,641 | 3.6 | 0.01 | |
| 505 | Channel - Select | 32,390 | 26.1 | 0.04 | |
| 506 | Channel | 1.3 | 4,395 | 2.2 | 0.01 |
| 507 | Channel | 1.6 | 30,460 | 11.1 | 0.01 |
| 508 | Channel | 1.2 | 16,500 | 3.8 | 0.01 |
| 509 | Channel | 1 | 27,210 | 10.3 | 0.01 |
| 510 | Channel | 1.2 | 18,350 | 20.9 | 0.02 |
| 511 | Channel | 1.2 | 15,380 | 5.7 | 0.01 |
| 513 | Channel | 1 | 10,640 | 6.4 | 0.01 |
| 514 | Channel | 1 | 186 | 0.3 | 0.01 |
| 515 | Chip | 3x3 | 216 | 0.1 | 0.00 |
| 516 | Channel | 1.1 | 27,220 | 10.9 | 0.02 |
| 517 | Channel - Select | 1.4 | 19,710 | 18.9 | 0.02 |
| 518 | Channel - Select | 0.8 | 26,300 | 39.8 | 0.01 |
| 519 | Channel - Select | 25,650 | 35.7 | 0.03 | |
| 520 | Select | 0.4 | 14,800 | 12.3 | 0.02 |
| 521 | Chip | 1x1 | 6,400 | 6.3 | 0.01 |
| 522 | Channel | 2 | 732 | 0.5 | 0.00 |
| 524 | Chip | 2x2 | 737 | 0.8 | 0.00 |
| 525 | Chip | 2x3 | 317 | 0.5 | 0.00 |
| 526 | Chip | 2x3 | 333 | 0.5 | 0.00 |
| 527 | Chip | 3x3 | 749 | 0.8 | 0.00 |
| 528 | Chip | 1x1 | 59 | 0.1 | 0.00 |
| 529 | Select | 21 | 0.1 | 0.00 | |
| 530 | Chip - Select | 1x1 | 22,680 | 16.2 | 0.01 |
| 531 | Chip - Select | 1x1 | 52 | 0.1 | 0.00 |
| 532 | Chip | 2x2 | 53 | 0.1 | 0.00 |
| 533 | Chip | 3x3 | 121 | 0.5 | 0.00 |
| 534 | Chip | 2x3 | 284 | 0.7 | 0.01 |
| 559 | Channel - Select | 1.5 | 810 | 20.9 | 0.01 |
| 560 | Select | 28,210 | 1022 | 0.02 | |
| N.B. Many samples are selective and include detailed sampling of vein and veinlet material within surrounding low-grade country rock. Values are indicative of extent and nature of the mineralization but should not be considered as indicative of grades that may be encountered over reasonable mining widths. | |||||